Bulgarian digital identity provider Evrotrust has secured €6.6 million in new funding from 3TS Capital Partners, an Austrian venture fund specializing in technology companies across Central and Eastern Europe (CEE) and German-speaking markets. The fresh capital will drive the implementation of the European Digital Identity Wallet (EUDI Wallet) in Bulgaria and support the company’s expansion across Western and Central Europe.
The funding comes as the EU accelerates the rollout of the eIDAS 2.0 framework, which requires all member states to introduce at least one digital identity wallet by the end of 2026. From March 2027, public institutions and regulated private services—such as banks, telecoms, and healthcare providers—must be ready to accept it.
“This investment allows us to bring to market a wallet that will give Bulgarian citizens a convenient and secure means of identification and signing,” said Konstantin Bezuhanov, CEO of Evrotrust. “Businesses will benefit from faster onboarding and fewer fraud cases, while institutions gain a unified digital services standard recognized across the European Union.”
Expanding across Europe and building the EUDI Wallet
In an interview for The Recursive, Bezuhanov outlined the company’s strategic goals following the funding round.
“The new funding will support Evrotrust’s expansion across Western and Central and Eastern Europe, as well as the further development of our EUDI wallet solution,” he said. “Part of the new EU digital identity framework under eIDAS 2.0, the wallet will enable every EU citizen and business to store, manage, and share verified digital credentials such as IDs, driving licenses, diplomas, or bank account information directly from their mobile device.”
Evrotrust aims to help both citizens and businesses seamlessly adopt the new EU framework, enabling secure, reusable, and compliant digital identification across borders. The investment will also strengthen the company’s presence in key EU markets, boost its R&D capacity, and accelerate its go-to-market strategy.
“Our goal is to position Evrotrust as one of the leading providers shaping the future of trusted digital identity in Europe,” Bezuhanov added.
Heading to European growth
Last year, Evrotrust secured a €3.3 million investment led by Silverline Capital, aiming to expand operations into new European markets and diversify new segments.
“Since our previous round, Evrotrust has grown significantly in scale, capabilities, and impact,” Bezuhanov said. “We now serve over 60% of Bulgaria’s economically active population and are trusted by around two-thirds of all banks in the country.”
The company’s technology has matured to support cross-border use and full compliance with eIDAS 2.0, making it one of the few EU-notified eID schemes with a high level of assurance. Evrotrust has also expanded its team and product portfolio to meet rising demand for secure and reusable digital identity solutions, moving from a strong national presence to a European growth phase.
Transforming digital interactions
According to Bezuhanov, the EUDI Wallet will revolutionize online interactions between citizens, businesses, and institutions.
“Today, users go through multiple KYC checks, logins, and document verifications for every new service,” he explained. “With the wallet, identity verification happens once and can be securely reused across all participating services in the EU. This means faster onboarding, fewer manual steps, and a consistent, trusted digital experience.”
Built with privacy and security at its core, the wallet will use advanced encryption and adhere to the highest European standards under eIDAS 2.0 and GDPR. For organizations, it will streamline compliance, reduce the amount of sensitive data handled, and strengthen cybersecurity.
Challenges and collaboration ahead
Deploying the EUDI Wallet across the EU by 2026 presents significant technical and regulatory challenges.
“The main challenge lies in achieving full interoperability between national systems while maintaining the highest level of trust and security,” Bezuhanov noted. “Each EU member state starts from a different level of digital maturity, so harmonizing technical standards, legal frameworks, and certification processes is complex.”
To ensure smooth adoption, Evrotrust is working closely with government institutions to align national systems with EU requirements. Its technology is already integrated into several key public sector services in Bulgaria, enabling citizens to identify themselves and sign documents digitally with a high level of assurance.
“We provide expertise on compliance, interoperability, and security during the transition toward the EUDI Wallet,” said Bezuhanov. “As one of the few qualified trust service providers in Europe, we’re helping shape the standards and best practices for secure digital identity reuse within the public sector.”
Building a connected digital Europe
As the European Commission targets 80% citizen adoption of the EUDI Wallet by 2030, Evrotrust is exploring strategic partnerships with other national digital identity providers to enable cross-border recognition and seamless user experiences.
“Collaboration is essential to building a truly interoperable digital identity ecosystem across Europe,” Bezuhanov said. “Our mission is to make digitalization a secure and effortless process for citizens and businesses worldwide, and any partnership that brings us closer to that goal is valuable to us.”
